So what happened after hitting this level? Well, all kinds of win streaks ended and both the Dow and S&P stopped on a dime! Market volatility picked up and investors saw the quickest 10% decline in history from all-time highs. Will this become a “wall of resistance”.

The exact same thing occurred on the S&P 500 chart further below. Coincidence?

Once this level was hit, both the Dow Jones and S&P 500 produced “hangman” candle patterns the following month (February). Yes, bulls may have trouble tearing down this wall of resistance!